Business

Market Movers

Macy’s sales slip, says shoppers wary of spending

Over the past year, Macy’s stock is up almost 27 percent.

Associated Press/File 2011

Over the past year, Macy’s stock is up almost 27 percent.

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Macy’s Inc. posted a disappointing quarterly profit of $281 million, or 72 cents per share, short of the 78 cents analysts expected. It was the first time Macy’s profit had missed forecasts since 2007. Revenue slipped to $6.07 billion, short of the $6.26 billion expected, according to FactSet. Macy’s, which also runs Bloomingdale’s, lowered its full-year earnings forecast to $3.80 to $3.90 per share, down from a previous outlook of $3.90 to $3.95.

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